V.F. Corporation

VFC: DEF 14A · proxy statement

VF Corporation reported a return to full-year revenue growth for the first time in three years, achieving $9.6 billion in fiscal 2026 revenue and reducing net debt from $5.8 billion to $2.7 billion through disciplined execution and the sale of the Dickies brand. The company delivered an operating margin of 6% and gross margin of 54.8%, while recognizing a $30.7 million impairment charge related to Napapijri goodwill. Management remains on track for medium-term targets of a 10% adjusted operating margin exit run rate and a leverage ratio of 2.5x or lower by fiscal 2028. The proxy statement details a new, purely performance-based CEO award for Bracken Darrell, granting 516,605 RSUs with a target value of $7 million. Vesting requires achieving a 10% adjusted operating margin in fiscal 2028 and a share price average of $32.00 or greater, representing a ~275% increase from the grant date price of $11.66.

SEC DEF 14A•4mo ago

VFC: 10-K · periodic report

V.F. Corporation reported Fiscal 2026 revenues of $9.6 billion, a 1% increase year-over-year, driven by an 8% growth in its Outdoor segment (The North Face, Timberland) which offset a 7% decline in the Active segment (Vans). The company achieved a significant turnaround in profitability, with operating margin expanding to 6.0% from 3.2% in the prior year, supported by gross margin expansion of 130 basis points to 54.8%. Earnings per share rose sharply to $0.64 from $0.18, largely aided by a $127.2 million pre-tax gain from the completed sale of the Dickies brand to Bluestar Alliance LLC. This gain was partially offset by $217.2 million in non-cash pension settlement charges and excise taxes related to the termination of its U.S. qualified defined benefit pension plan. The company reduced its long-term debt by $2.2 billion over the last two fiscal years through cost discipline and divestiture proceeds, bringing total debt to approximately $3.5 billion. VF also recorded a $30.7 million impairment charge for Napapijri goodwill due to downward revisions in financial projections, signaling ongoing challenges in integrating smaller portfolio brands.

SEC 10-K•5mo ago